Naira Reached New Low on Parallel Market to N1420/$1, Slides at Official Market

* Daily turnover records 103.44% increase

Nume Ekeghe

The Naira reached an unprecedented low yesterday of N1,420 marking a 4.03 per cent or N55 decline compared to Wednesday’s closing rate of N1,365 at the parallel market.

Also, the official Investors and Exporters (I&E) window experienced a decrease, concluding at N900.96 yesterday as opposed to N882.24, indicating a 2.12 per cent decline or a N18.72 weakening.

However, the daily turnover witnessed a notable 103.44 per cent surge in a single day. On Wednesday, the turnover was $56.60 million, while yesterday’s turnover reached $115.19 million.

Furthermore, the highest spot rate recorded yesterday was N1,399 compared to N1,313 recorded the previous day. Also, the lowest spot rate recorded yesterday was n789 compared to N700 recorded the previous day.

THISDAY spoke with a parallel market operator who said there has been an increase in demand.
Abdullahi said: “It looks like those people who speculate have started again because we have been getting calls of people buying in thousands causing scarcity which has made the prices go up.”